Sellbyville, DE -- (SBWire) -- 04/08/2019 --The embedded system market is segmented into application as automotive, telecommunication, healthcare, industrial, military & aerospace, and consumer electronics. The automotive segment was valued at over USD 30 billion in 2015 and is expected to exceed USD 50 billion by 2023 owing to increasing adoption rate of electric and hybrid vehicles. The electronic contents in automotive assist in monitoring safety features such as tire inflation, remote keyless entry, airbag, antilock braking, and antitheft units. Healthcare sector is anticipated to grow at over 6% CAGR owing to rising demand in handheld and portable devices during the forecast timeframe.
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Following are the projected key trends:
- Designing Secure Systems on Focus
- Emergence of M2M Communication drives Demand for Embedded M2M Solutions
- Smart devices and vehicles open up the application avenues
- Growing Role of Electronic Control and Signaling in Railway Networks creates prospects
- Advancement in Medical and Healthcare Boosts Market Opportunities
With the rapid advancements in technology, the global demand for hi-tech equipment and devices has surged substantially, resulting in a huge adoption of embedded system across various industries such as Automotive, Consumer Electronics, Industrial, Healthcare, Telecommunication, and Military & Aerospace. Among these, automotive industry dominated the application landscape, accounting for over 22% of the global share in 2014. The growing trends in the automotive industry such as connected cars, electric and hybrid electric vehicles, smart vehicles, etc. will proliferate the embedded system market share in the automotive industry. Embedded system market in the automotive industry is likely to witness a CAGR of 5.5% over the period of 2016-2023.
Healthcare, is likely to be the second largest application area for the embedded system market. The growing population and increasing number of diseases have imposed a burden on the global healthcare expenditure. Healthcare sector, over the past few years, has witnessed rapid technology adoption, and the trend is likely to continue, driven by the escalating demand for affordable and advanced medical devices along with the rising healthcare costs. Embedded system market share in the healthcare sector is projected to witness a CAGR of 6% over the period of 2016-2023.
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On account of the product trends, embedded software market is forecast to grow substantially over the coming years, owing to the rising trend of wireless technology coupled with a huge demand from automotive and consumer electronics sector. Embedded software market is likely to surpass USD 18 billion by 2023. Moreover, economic developments in emerging countries such as India, China, Russia, Taiwan, and Brazil will drive embedded hardware market, with CAGR estimations of 5.5% over the period of 2016-2023.
North America embedded system market is projected to be worth 84 billion at a growing CAGR of 5.7% in the near future. Europe is anticipated to pick up the pace during the projected period and surpass USD 62 billion over the predicted time frame. Asia Pacific market is likely to register USD 81 billion by 2023 owing to the largely available skillful professionals in software development.
Key participants of the moderately competitive Embedded System Market include Renesas Electronics, Freescale Semiconductor, Microchip, Infineon Technologies, Atmel Corporation, Samsung, STMicroelectronics and Texas Instruments.
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Embedded System Market Will Projected to Account USD 50 Billion of Revenue from Automotive Segment by 2023
Technology innovation in wireless communications, software and digital processing is expected to positively impact embedded system market